Understanding global: Key insights for manufacturing companies
What manufacturers should consider when operating in global markets
“No matter where you do business, if you're doing it in your basement, or if you're doing it in China, it's all about relationships and trust.”
— Vice president, manufacturer of precision molded products
With 95 percent of the world’s population residing outside the United States, the decision to export products, or manufacture or distribute internationally would seem to be an easy one. Surveys have shown a strong correlation between companies that are active on a global scale and those that thrive and grow.
The challenges that companies face when they operate on a global basis are formidable and range from transaction barriers to strategic issues, from foreign competition to market acceptability. Yet companies are willing to enter offshore markets and endure the hurdles because they see the potential for corporate growth, operational efficiencies, financial savings—or some combination.
According to the Bureau of Economic Analysis, the majority of U.S. manufacturers are investing in Canada, China, Mexico, Germany and the United Kingdom. For the purposes of this e-book, we spoke with middle market CEOs, chief financial officers, RSM practice leaders and other management-level manufacturing industry professionals who are working in those countries and elsewhere around the globe. From the drivers encouraging the establishment of an offshore presence to the challenge of identifying the right market to setting up operations, these professionals speak from years of experience doing business on a global basis.
Key topics covered in this e-book include:
- Drivers to a new market
- Identifying a new market
- Selling into a new market
- Culture in a new market
- Risks, challenges and pitfalls
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